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The silence is deafening.
SEVU appears to be betting the farm on the exposure and sales resulting from being on HSN. They find it important enough to issue a PR when they redesign something as simple as a website, and when they enter into a relationship with bottom feeding finance companies. Doesn't it seem reasonable to expect a PR announcing that they were finally seen on HSN and to provide insight to it's near term success? I don't know about anyone else, but the lack of follow up leads me to believe HSN sales weren't as good as expected. I can't believe they'd remain silent if they had good news.
They announced that on July 31, stating that they expected funding to be in place within 30 days of that date.
Where are the orders?
RED LETTER DAY Shamus!
We agree on something! That being said, I don't know anything about CEOcast (or whatever it is), but the interviewer was no star either. I'm just saying that it's not surprising to see an Exec come off unpolished. Most big companies have PR folks to face the cameras/microphones, and it's not unreasonable to have a CEO disappoint on camera or mike.
If SEVU provided the questions, it's a pretty weak reflection on SEVU.
I don't know. I'm not going to read too much into it, but we hear from them so rarely, it would be nice to walk away more reassured when it finally happens.
In George's defense, if you've ever been interviewed on camera or tape and you don't know the questions in advance, it's pretty hard to appear polished. The guy doing the interview was no star either. He didn't ask George any particularly difficult questions, but he did ask a couple that (I thought) were pretty lame.
It's now seaview.com.
I don't know why they don't have sevu.com redirect, but that shouldn't surprise anyone too much. The new site is pretty nice.
I'm not sure I understand your point about no one having a Masters, but I do agree with the implication that mgmt is ineffective. My initial reaction to the new website was one of "why are they focusing on the site when they should be selling products", although I've softened that stance a bit. For all I (we) know, they may have a decent web designer on staff or in their circle of family or friends. The new site is a huge improvement from the old one, but it's certainly nothing complex. I'd like to believe that maybe they're preparing to launch an agressive advertising campaign, and the website will be an integral part of the process, but I question whether they can afford to do that. It does seem strange that they would launch a new site if they plan to turn out the lights in the near future, though.
It would have been a nice touch to update the site address in the contact reference at the end of the PR:
Contact:
SeaView Video Technology, Inc., Tierra Verde
Doug Bauer, 727/866-7440
Investor Relations e-mail: investor@seaview.com
Website: http://www.sevu.com
Are they really that much better off today than they were a year ago? I'm not as convinced, although much of my logic is somewhat subjective. Rich was calling the shots a year ago, and I don't believe that was a good thing. The Class Action suit has reportedly been settled today, so the uncertainty about that has been lifted, but the company didn't prevail and still has to pay a settle (money which they don't have). Speaking for myself, I was still optimistic a year ago, but I've lost it today. A year ago I looked forward to retail presence. Today, we have only seen SecureView in a single retail chain, and regardless of how much people want to believe the Costco "test" was a success, the product is no longer available and unsold inventory was returned to SEVU. We can sugar coat that all we want, but the bottom line is that it's still not available on retail shelves and the one company that briefly offered it no longer does so.
Another difference today is that they appear to have all but exhausted their sources of funding. Insiders have poured their own money into the company to keep it afloat, but that has to run dry eventually.
A year ago I saw potential. Today, I see failure. Virtually nothing has changed since Rich passed away. Still no retail presence. Still no sales. The difference is that they have now had time to promote and sell the product, yet it hasn't happened. I'm not sure if it's incompetent management or if demand for the product simply isn't as strong as I had hoped, but for whatever reason, they're still spending more money than they're taking in.
It's going to take more to get me too excited, 'cuz the whole thing is suspect and full of holes, but it's certainly interesting.
Okay, so I'll readily admit this post will contain lots of speculation, so I'm not jumping to any conclusions (Bigbizz!!).... BUT, here goes.
I stopped by the Kirkland Costco again today. There were no SecureView systems on the shelf. I wandered around, hoping they may have taken a place on an end display or something, but didn't find anything. I went to the Customer Service counter and asked about them. One employee heard me ask and said "they're on the aisle behind the TVs". The significance(?) there was that she knew what I was talking about and where they had been displayed. The guy who was waiting on me brought it up in the system and said there are none in stock and the item has been "deleted". I asked if that meant they had been sold, recalled, returned, etc., to which he replied that they had all been SOLD! I asked if there were more on order and he said no, and that it may have been a one time purchase (those of us who shop Costco know this happens often). Anyway, I asked again, just to see if he'd share anything more, and he repeated that they had all sold.
Okay, those are the facts (I'm not saying the things I was told are factual, only that that's what I was told).
Now for my speculation: The first time I checked inventory at the Kirkland Costco, we had read here that there were something like 40+ in stock, out of a presumed original order of 48. I don't think any of us verified that first hand, but the common case qty of 48 units seemed reasonable, so we didn't really question it. The first time I was there, I counted about 40ish units, so essentially accepted the reported numbers as valid, and I focused my attention on packaging and product details. I went back a few days later and counted 40 units. Since they are packaged in cases of four, the likelihood of an initial order of 40 (10 cases) seemed as likely as our assumption of 48. I think a few more days passed and I checked and counted 40 again. Last week I was there and there were 22 (one had been opened for a non-functioning display, so the inventory number would have been 21. Anyway, last week I assumed the remaining stock had probably been moved somewhere, so dismissed it at that. One thing I questioned, however, was the quantity of "missing" units. They are packaged in cases of four. The number of "missing" units units was not a multiple of four. That makes me wonder if they may have been selling and the 21 (+display) may have been the only ones remaining, and there had been no relocation of excess inventory!
Unfortunately, this is quite contrary to reports we have read here of poor sales, although I think someone else has verified(?) that they are selling well in Staten Island. It wouldn't surprise me too much to see the Kirkland store return them to SEVU if none had sold, but how do we explain the split in inventory (40 to 21)? I find it a little strange that an employee can query a "deleted" item on their system and identify that the units sold or were otherwise removed from inventory, but they guy did tell me they sold (twice!). The fact that he didn't have a reorder status could easily mean that the ones they had were "test marketed", and subsequent orders won't be placed until results of the test have been conclusive. IF (yes, it's a big "if") they really did sell that quickly, there's no doubt Costco would replenish (in many more stores) assuming SEVU can produce inventory.
When I step back and consider the whole situation, all I can "know" myself is that which I have seen and been told by Costco. All indications are that they sold them all! There is literally nothing to indicate that this isn't the case, aside from my own skepticism. Is it too good to be true, or could it be true?
Sorry for the long post. At least it has something to do with SEVU!
I've got to believe if a person called and identified it by name and Costco product ID, asking how many are in stock, they'd tell you. For all they know, the caller is interested in buying a bunch (you could even say that). If the Customer Service line is shorter next time I'm there, I'll ask myself, but I'm purposely not pushing to do that. These boards are so full of speculation and BS, mixed in with occasional facts. For all everyone knows, I may be living in Bolivia and am making the whole thing up. If someone else provides some factual data, I'm hoping it will serve to reinforce that my "story" is true. Personally, I don't care if anyone believes anything I say or not, but reports of actual sales at Costco could be very relevant to investors in a company I'd like to see excel.
Well, as usual, I'm the dissenting voice around here. I certainly hope this clip is going to be prominently displayed to an appropriate audience, 'cuz for us Neanderthals who have to rely upon a 56K modem, that clip was extremely disappointing. I would have expected a SecureView promo or something, rather than a few seconds of underwater video plus a narrator.
Sorry, most here know I want to see this company succeed, but I'm still waiting for something noteworthy.
That ain't it.
What good is stock if you never sell?
It might be worth calling to ask how many they have in stock (see previous posts on Raging BS). Kirkland had 40 units on the shelf a week ago, and only 22 Tuesday of this week (one was open, but not hooked up). I have a hard time believing they sold 18 in a week (although it sure would be nice), so I assumed they may have moved the backstock elsewhere. I looked, but couldn't find it, but the inventory system doesn't rely upon proximity, so I didn't waste much time looking. There was a line at the Customer Service counter, so I didn't ask to check the system for current inventory.
UNDERWRITERS LABORATORIES
For those who have endured the past couple years of assumptions, stories, predictions, recreational chemicals, and occasional facts, you'll probably remember the reoccurring criticism that SecureView did not carry a UL Approval sticker. The systems in stock at Costco have the sticker on the housing of the bulb. Another encouraging sign!!
Actually, what I said about the Kirkland store on Sunday was that there appeared to be about 40+ units on the shelf, which was consistent with your report. I counted them yesterday, and there were 40.
I'm not claiming that they're not selling. I'm just suggesting that it's a little early to assume that they'll be available in every store and that all stores will sell six per week. That's not to say it can't happen; only that it doesn't appear likely at this point (to me, anyway).
People on this board act like they can win the Indy 500 if they have a full tank of gas and four tires. In my experience, it's a little more complicated than that.
Thanks Boca. I've read that post, but I find it quite a stretch to assume that one store (which none of us have visited) that someone claims has sold 6 per week can mean that every store in the chain can or will do the same. We could use the same logic and apply it to the reported activity at the store in Kirkland, WA, where it was reported that they haven't sold any in two weeks (RB# 47461). That would be zero per week multiplied by however many stores. We all know the answer. To be fair, the initial report was that Kirkland supposedly had 43 in stock late last week, and they appeared to have forty yesterday (the product doesn't stack well and it was hard to count).
All I'm saying is that it's unrealistic to assume millions of dollars in sales before we know that even one store is selling them.
What makes you think Costco can or will sell six (or even one) SecureView(s) every week? I want to see this company succeed as much as most, but pulling speculative numbers out of the air with no factual basis isn't going to make it happen. We have already been down that road with SEVU.
We're debating chickens and eggs. Even if SEVU had signed a deal with RCA in December, they still have no money and no sales at the time of settlement. The amount lost by shareholders hasn't changed. The only way SEVU can pay is by issuing shares. The plaintiffs may want more shares, but that doesn't obligate the courts or SEVU to grant them. Even if they did, the net difference to SEVU would be the same as long as they're using stock as currency. 6M shares at .13 is the same percentage of outstanding shares as 6M shares at .26.
SEVU isn't calling the shots when negotiating with companies like RCA, Costco, or whomever. They're trying to sell an unproven product to big companies who don't care if SEVU survives or not. I continue to believe that if deals had been signed, we would have heard about it. That doesn't preclude them from sitting on the sidelines waiting to see if SEVU can keep the lights on until the CA settles. If Costco's retail price is any indication, they have been able to drop the cost significantly during recent months, so if customers were interested before, it should be even more attractive today.
Please help me understand why the plaintiffs would have wanted (or more importantly, deserved) more shares if the stock price had been higher. I'm not arguing with you, as I have no idea, but here's my thought process: The CA was filed by investors who held shares during a defined period of time. They claim that they/we were misled by SEVU, and lost money as a result. The potential for gain can't be determined, but the amount lost can be identified to the penny. I sincerely doubt the courts or an arbitrator would award them lost profits, but if the plaintiffs prevail, they should expect some percentage of their losses. Apparently the parties have agreed to settle by issuing stock. If the settlement is 6M shares, we're talking about $780K at thirteen cents/share. If SEVU could have announced news that may have raised the price, the amount of settlement wouldn't have changed, but if the stock price was twenty-six cents, for example, the settlement could have been only 3M shares. I would also think that it may have helped SEVU's case if they could demonstrate that the rosy projections (for which they're being sued) are finally happening, so perhaps SEVU only mislead us with timing, but not about sales potential. That kind of information may have had the potential to reduce the settlement and possibly even enable SEVU to prevail. That's why I believe that if they had anything newsworthy, they would have reported it.
It may all be moot at this point. Regardless of the reasons, no significant sales or relationships have been reported to date. I still believe that's probably because the company couldn't secure financing to build and sell products until the CA was settled. Regardless of how they got to where they are today, the suit had to be settled so they can move forward. Let's hope they sell at Costco. That would make it much easier to market them to other retailers.
I realize we're all speculating, but just for the sake of argument, why wouldn't SEVU want to disclose positive news prior to a settlement? There are a number of possible reasons, but on the other hand, if the future looks more promising, wouldn't it be easier to negotiate fewer shares of stock as settlement? Perhaps a more likely scenario would be that customers (Radio Shack, Wal-Mart, etc.) would be reluctant to enter into a deal until the CA is settled. I'm not sure how likely that is either, as their primary concern would be product availability and quality, and if SEVU fails to deliver, the retailers aren't out anything. I still believe the reason we don't see SecureView widely available in stores is either because they aren't selling or they can't afford to produce them.
There's no doubt the CA settlement will be beneficial. Seeing them in a handful of Costco's is also very encouraging, but what if they don't sell? Can the company afford a marketing or demo program? I hope so, because personally, I think they need it.
I've never been involved in a CA suit or a CA arbitration, but I'd think the Defendant would be required to disclose their major business activities. Even though the time period in question happened a couple of years ago, it seems they would be required to disclose significant business activities as part of good faith arbitration for purposes of reaching a settlement. Maybe I'm wrong. Either way, if they have finalized major deals but haven't disclosed them out of concern for how it may impact a CA settlement, it sounds like they may be paving the way for another CA suit in the future.
Yes, I do watch the news. Companies get in trouble when they mislead investors. That's my point.
So you're suggesting they not only withhold info from the public, but withhold it from the courts and SEC as well? Personally, I'd love to see a bunch of good news (and sales!), and I won't presume to know what their strategy is, but the performance of the stock during recent months seems like a pretty good indication that I'm not the only person who has lost confidence in them. It doesn't matter if my assessment is accurate or not. The company needs money, and some of us aren't willing to invest on the blind hope that someone inside might be doing something smart. I realize it's possible that they need time and silence more than they need money, which may be the exact reason Insiders continue to pump in money, but considering their track record, I remain skeptical. I hope someone proves me wrong.
BTW, I'm not suggesting they owe us any info. I'm saying they have a severe credibility problem and some people (myself, anyway) assume that if they aren't saying anything it's probably because they have nothing to report. It would be a different story if they were raking in the money and investors were lining up to buy their stock. As we all know, the Insiders own a bunch of shares. I'm sure they'd like to make some money too.
And in the same manner, if a company has absolutely zero credibility with investors, desperately needs money, and can only keep the lights on if Insiders buy stock ('cuz no one else will), don't you think it might be a good idea to disclose the facts before it becomes old news? Let's say, for example, that SEVU signed a major deal with RCA last December. Class Action is formally settled in August, and SEVU suddenly shares the RCA news with the investment community. Do you really think that's smart or ethical? Do you think that will instill investor confidence? How about credibility with potential customers? Do you think Wal Mart or Home Depot will want to do business with them if they know the company has a history of deceiving the public or their other customers?
Bigbizz, you're kidding, right? Do you think SEVU has been raking in money for the past two years, but won't disclose it until the Class Action is settled? We all know you ignore the facts with regard to this company, but that one would be a stretch even for you. Why won't you admit that the company isn't perfect? The truth may not always be what we like, but that doesn't make it go away.
Here's something different:
The past few days posts have been even more speculative than most, so I decided to try a little first hand DD (does anyone remember that term?). I visited the Costco in Kirkland, WA. They have the SecureView. I found them in an area with business supplies such as a neon "OPEN" sign and a 4 camera wired security system. The packaging was nice, and takes up quite a bit of shelf space. That's good from a standpoint of product visibility, but Costco makes inventory decisions partially on revenue per square foot of space used, so if they're going to take up that much space, they'd better sell. It has been a few years since I was involved in display packaging, so I don't recall the name of the manner in which it's packaged, but it's clear plastic, molded to the components. There's a thin corrugate insert surrounding the product (inside the plastic packaging) describing the product and a brief explanation of the technology. Interestingly, it includes a picture of Mike Ditka. The nice thing about this type of packaging is that virtually everything is visible. It didn't occur to me to look for a blue UL sticker until I had left the store, but I'm sure it's visible if they have it. I also looked for text that may tell us where the product is made or assembled, but found nothing. The Costco part number is printed on the corrugate insert. That's easy to do from a printing perspective, and Costco may have reached a point where they require it (they used to push for it very hard when I dealt with them). From an inventory/component perspective at SEVU, it creates a unique part number for Costco which isn't ideal, but is no big deal. The package takes up about 15"x20"x5" (rough guess). They're packaged in cases of four and again, take up lots of space.
I stopped at the Customer Service/Membership counter and asked if they were widely available, etc., as it was my understanding that they are just beginning to hit the market (I told him I'm a stockholder). I didn't push him for details, but he said that Kirkland is the only store in Washington, but there available in Reno, a couple stores in California, and some places back east. Again, I didn't press him, but he answered my question about whether or not they were only available in Kirkland and Staten Island. I didn't ask him about sales to date either, as there were about 40+ on the shelf, which is consistent with previous reports.
A couple of final thoughts: First, I knew what I was looking for, and I know what the product does, but the packaging and description didn't get my attention. They do a pretty good job in terms of describing it on the packaging, but it wasn't intriguing enough to motivate me to stop and try to figure it out. I'm not a marketing guy, but I have always considered this a novelty product, and as such, it's utility isn't readily apparent. For example, if it was displayed next to a bunch of floodlights, a person would simply assume it's a floodlight, and not single it out. That logic may explain why it's displayed next to a couple of other "business tools", including a wired security system ($450 with monitor). SecureView may get your attention if it's the only "floodlight" among a bunch of security devices, but at Costco, the product line is so diverse, it doesn't stand out. IMO, this product needs to be demonstrated or explained if it's going too sell. I doubt it'll sell if it just sits on store shelves.
Finally, I called a friend (and stockholder) after leaving the store, telling him the product is in stock at Costco. He doesn't follow the boards, and he said he questions why the stock price hasn't risen. It didn't really dawn on me until he said that, but the answer seems pretty clear. SEVU hasn't said ANYTHING of substance since Rich died. The SEC filings have reflected no sales activity. Why should we be surprised that the stock price hasn't moved? I can't speak for others, but I made money initially on this, took a nice profit off the table, then held the rest of my position while I waited to see if there appeared to be a future. After too many quarters of empty promises and no sales, I dumped the last of my shares at $.34. There are obviously many factors we don't see, but logic would indicate that if the company had something positive to say, they'd say it. To date, they remain silent. I certainly consider it a good sign to finally find SecureView in a few stores, but if my impressions are indicative of how customers will (or won't) respond, then I see no reason to buy back in until we either see proof of performance or a reasonable strategy. So far, I haven't seen either one.
Sorry for the long post.
Moron
VERY COOL!!! Thanks for verifying.
What are you saying Frank? You believe you're exempt from US laws, yet you expect the FBI to care when your crash your computer?
Keep pointing fingers Frank. Just don't be too surprised when Authorities come knocking on your tent.
BLAH BLAH BLAH BLAH BLAH BLAH
Amazing. This time I'm deleted for COMPLIMENTING Frances!
Well done Shameless!
I still like the post he made on Raging BS back when I was posting as DK76:
By: AntonyPacific $$$$$
27 Jan 2001, 11:31 AM EST Msg. 21532 of 46894
(This msg. is a reply to 21530 by DK76.)
I will guarantee you now and here that noone is going to take any legal actions against me....Thats a Guranatee..If you want print this out and hang it over your PC ...next time you buy one of these dolt reccomended stocks.
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He is king!
I also look forward to contributing! I'm sure the SEC, FBI, and anyone else involved will eagerly anticipate the public and private message board correspondence I have saved.
Hey Frances, do you think it may be time to reconsider some of the BS you sent me via PMs? Perhaps it's time for you to "change your mind" again.......
I may not see all of the posts that are removed, but I still see those that are allowed to remain. As I said in my (deleted) post, 14256 and 14257 have been allowed to remain. Mine didn't contain anything that was any worse than those. All I did was state why I think FG is a jerk.
I've turned down the request to become the Board Nazi on a number of occasions. I think I'm too objective to do a very good job.
Nice, objective, well balanced censorship. It's no wonder this board is dead.
As long as FG's posts full of crap aren't deleted, it's unlikely people will honor your request.
I'm not twisting anything. I'm just asking why a company that has no money and no reported sales would suddenly drop the price because of reduced COGS. If the product can sell at a higher price, and the company obviously needs the capital, why would they drop the price? Even if the costs did drop for whatever reason, SEVU obviously isn't in a position to pass along the "savings" to their customers. This is simple stuff. The product wasn't selling at previous levels, as evidenced by SEC filings. There are a number of ways to address that, including increased sales and marketing efforts, adding features, or dropping the price. SEVU obviously chose to drop the price. Personally, I'm glad to see it, and I hope they finally begin to sell, but I'm not stupid enough to believe they suddenly reduced their costs and are generously passing the savings along to their customers.
That's exactly my point. The price was most likely lowered to stimulate sales. It may have little or nothing to do with changes in COGS. Even if they have reduced the cost, they wouldn't drop the price if they were selling well at previous levels.
Now you're suggesting that SEVU may have delayed shipment until the retail customers margins could be reduced? You've got to be kidding.
Perhaps the recent price reduction is a result of inadequate sales at the higher price. Econ 101.
C'mon Bizz, let's try to be rational. You claim SEVU has a $9M backorder for SecureView. Unless you know something the rest of us don't, that is the same $9M backorder reported by SEVU about 18 months ago. Sinced that time, the company has also told us that they have no problem filling all orders.
Which is it? Does the company have a $9M backorder or not? If they do, are they delaying shipment pending lawsuit settlement? SEVU obviously needs money. Do you honestly believe they would withhold much needed revenue for 18 months in hopes of a favorable settlement? Even if they have one or more "big" deals pending, do you think any company would want to deal with a company who is that stupid?
You know, it's okay to believe in a company and still acknowledge their shortcomings. All companies have them.